USDJPY Daily Forecast: October 30

By IBT Staff Reporter On 10/29/09 AT 8:03 PM

USDJPY Forecast:

The USDJPY made a significant bullish momentum yesterday as price made a false breakdown from the bullish channel and now back inside the bullish channel. Usually false breakdown lead to significant bullish momentum with 92.50 area as potential bullish target. The bias is neutral in nearest term but I prefer a bullish scenario at this phase with the lower line of the bullish channel as a potential area to place a long position with tight stop loss below it. Immediate support at 91.20 area. Break below that area should lead us into no trading zone as direction would become unclear for me.